Russia's largest bank is expanding its commodities activities by partnering with a blockchain platform based in Geneva.
Sberbank's Swiss subsidiary is partnering with Komgo, a Geneva-based start-up which runs a blockchain trade finance platform, it said in a statement. The bank has to date financed more than $5 billion worth of commodities, or 15 million metric tons of volume, in key markets, Russia and the Commonwealth of Independent States, or CIS, countries.
Neither Sberbank or Komgo, which is run by ex-Société Générale commodities banker Souleima Baddi, disclosed financial details of the tie-up. On the blockchain, Komgo enables its participant banks to exchange data and wrap trade finance deals transparently in real-time.
Komgo has won more than 20 banks and 140 companies for its platform, including Lloyds, ABN Amro, BNP Paribas, and Société Générale.
